In February 2019, Onni Group made their first real estate purchase on the Eastside, with the acquisition of a four-acre site in downtown Bellevue—currently home to a church and Barnes & Noble store—for $116 million. On Thursday, March 14th, the company provided the first set of publicly available images for a large-scale mixed-use project it plans for the area, which, according to Puget Sound Business Journal, will comprise “three 600-foot-tall towers totaling 1,289 residences, 896,000 square feet of office space, 317 hotel suites and 2,318 underground parking stalls.”
Current plans indicate demolition of the existing building structures in February 2020, with office space occupancy in March 2023 and the hotel and residential towers finishing about a year later. The project is directly south of the “Sixth Street Pedestrian Corridor,” which the city of Bellevue has proposed as a connecting point between Meydenbauer Bay and the Eastside Rail Corridor.
This project is among four mixed-use proposals in downtown Bellevue, where e-commerce and tech giant Amazon continues to expand. PSBJ reports that there are also five major office projects planned in the Spring District, a 36-acre section of Bellevue that will house the new headquarters of REI and where Facebook “has leased an under-construction 11-story building.”
Since entering the Emerald City market in 2013, Onni Group has spent an estimated $287 million in local real estate. Their downtown Seattle project plans include:
3 residential towers and 1 million square feet of office space in South Lake Union
A two-tower development site on 7th Avenue between Bell and Battery